Merrill Lynch Puttable FLOATs/RITES Trust puttable floating option tax-exempt receipts series MT-46, relating to Louisiana Public Facility Authority FHA-Insured mortgage revenue bonds (Baton Rouge General Medical Center project) series 2004, are rated 'AAA/A-1+'. The long-term component of the rating is based on the underlying bond. The short-term component of the rating is based on a liquidity letter of credit guarantee from Landesbank Hessen-Thuringen Girozentrale, and the expiration date of the liquidity facility is Sept. 15, 2004. Complete ratings information is available to subscribers of RatingsDirect, Standard&Poor's Web-based credit analysis system, at www.ratingsdirect.com. All ratings affected by this rating action can be found on Standard&Poor's public Web site at www.standardandpoors.com; under Credit Ratings in the left navigation
